Having survived over 10 years of price swings, Bitcoin looks like it is here to stay. The world’s most popular digital currency gets stronger with each passing year and if you are one of the crypto enthusiasts who want to multiply their earnings at no cost, finding ways to get free bitcoins is certainly a good idea.
Free money is attractive to everyone. Thankfully, there are several free BTC earning sites out there that can help you earn bitcoins without investing a penny. With that being said, you should want to prepare for additional responsibilities that earning free bitcoins may come with, especially when the tax season is due. Some crypto freebies may be considered as taxable income, so be sure to understand your tax obligations.
Where to earn Bitcoin for free
Here are 4 reliable tips on how to get free Bitcoins:
- Open a Bitcoin interest account
Some crypto lending sites allow users to earn interest on their Bitcoin holdings. YouHodler, Gemini, and BlockFi are a few platforms that offer lending programs. If you open a crypto interest account on YouHodler, you can enjoy weekly payouts in both bitcoin and stablecoins. Crypto lending companies lend your assets to borrowers, allowing you to earn interest at up to 12% APY. Holders of BlockFi interest accounts can accrue interest up to 7.5%.
If you want to get free bitcoins, you should consider using the best free BTC earning app. While there may be risks to factor in, reading the terms and conditions of the service can help you make the right decision.
- Binance staking
It’s also possible to earn bitcoins by staking on cryptocurrency exchanges such as Binance U.S. This way, you receive rewards if you leave your crypto holdings in your wallet. People usually stake specific coins or tokens on exchanges but this may involve buying risky altcoins in the hope of reaping benefits.
In most cases, the interest earned on your crypto and by staking is taxable, and it’s your responsibility to report your income. If you wish to participate in staking rewards, you need to examine the cost basis of your earnings for the year, including tax returns.
- Bitcoin faucets
Bitcoin faucets are platforms that offer you free bitcoins for completing various tasks. These tasks can range from taking online surveys to sharing posts on social media, playing online games, and taking quizzes. The rewards are normally given in Satoshi, which is a smaller division of Bitcoin.
One Satoshi equals 0.00000001 BTC. Fire Faucet, CoinPayU and Satoshi hero are some examples of Bitcoin faucets to join and earn free Bitcoin daily.
- Coinbase Earn
World-renowned crypto exchanges such as Coinbase also offer incentives for customers who use the platform’s earn feature. To qualify for free crypto, you will need to watch videos on Coinbase, take quizzes and then the exchange will load your wallet with some crypto altcoins, which you can convert to bitcoins. To start earning with Coinbase Earn, a user needs to have a funded and verified Coinbase account and reside in a supported country.